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Revised Laws of Saint Lucia (2021)

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47. Committee to monitor the Bank

Cabinet may appoint a competent and independent body or Committee to monitor the compliance of the Bank with the provisions of this Act.

47. Committee to monitor the Bank

1. Short title and commencement

2. Interpretation

3. Establishment of the Bank

4. Nature of the Bank

5. Functions of THE Bank

6. Power to appoint committeeS

7. Power to delegate

8. Establishment and composition of Board

9. Term of office of directors

10. Eligibility for appointment to Board

11. Alternate directors

12. Chairperson and Deputy Chairperson

13. Publication of appointments

14. Disqualification from appointment

15. Resignation

17. Vacation of office of directors

18. Disclosure of interest

19. Meetings of THE Board

20. Appointment of Managing Director and other senior officers and staff

21. Appointment of legal and other advisers

22. Functions of the Managing Director and Deputy Manager

23. Functions of Chief Financial Officer and Internal Auditor

24. Preservation of Secrecy of Affairs of the Bank

25. Termination of appointment of Managing Director and other senior officers

26. Funds and resources of the Bank

27. Borrowing by the Bank

28. Limitation on borrowing activities

29. Reserve Fund

30. Accounts and audit

31. Appointment of auditors

32. Receipts and payments to or by the Bank and safe-keeping of funds

33. Loans and Investments Committee

34. Investment of funds

36. Inspection of property for purposes of loans

37. Examination as to application of money lent

38. Order of the Bank upon examination under section 37

39. Recall of loan misapplied

41. Increase of capital

42. Register of shareholders

43. Transfer of shares

44. Exemption from stamp duty, income and other taxes

45. Liability for misrepresentation and impropriety in use of assets of the Bank

46. Immunity of directors, officers and employees

48. Application of Banking Act

49. General penalty

50. Regulations